ThredUp, an online fashion resale platform, has announced that it has signed a legally binding agreement to sell its European division, Remix, in a management buyout headed by Florin Filote, Remix’s general manager.
The divestiture was finalised at the same time the agreement was signed. The agreement states that ThredUp maintains a minority share in Remix and contributed a final $2 million in cash prior to the sale closing to sustain Remix’s operations while it seeks independent funding.
Both ThredUp and Remix are able to focus on their core markets and capabilities thanks to this calculated decision. “This is a win-win situation for ThredUp and Remix,” said James Reinhart, co-founder and CEO of ThredUp, in a statement. “Under Florin Filote’s direction and the team’s experience, we have no doubt that Remix will prosper. ThredUp will be able to continue innovating and developing our marketplace while concentrating on our core US business thanks to this deal,” he added.
In a statement, Remix general manager Florin Filote said, “We are thrilled to start this new chapter as an independent company. We are dedicated to giving our clients the greatest resale experience possible, and we have a solid base and a skilled staff. We are certain that this deal will help us grow more quickly and increase our market share in Europe.”
